Friday, October 27, 2017

Hospitality News For The Week Of 10/27/17


North American Hoteliers Open the Last Quarter of 2017 with Solid Rate and Booking Growth

TravelClick has published its October 2017 North American Hospitality Review (NAHR) which indicates solid growth in both rates and bookings going into the last quarter of the year. In all travel segments overall, average daily rates are up 1.6 percent and occupancy is up by 4.3 percent. Leading the growth is the group travel segment with ADR up by 2.6 percent and bookings up by an impressive 7.8 percent. Transient business travel is reported to be 2.5 percent higher in ADR and up 2.0 percent in bookings as well. Full Story Here:


Survey Provides Insight Into 2018 Travel Trends

The online booking site, Booking.com, released the results of their customer insights and travel trends survey for 2018. The research highlights trends in travel, which can be expected in the next year. The survey indicates travelers are increasingly comfortable technology and artificial intelligence with nearly a third (29 percent) willing to allow a computer to plan their trip based on their previous travel history. Destination trends include bucket list travel, pop culture influencing booking decisions, and nostalgia travel bringing adults back to places they visited as a child. Full Story Here:


Positive Social Media Interaction with Guests During Their Stay Produces Increases in Revenue and Loyalty, According to Research from Local Measure

Local Measure has released the results of an analysis of 8 million social media posts made by hotel guests over a 30-month period. The data indicates engagement guests by hotels via social media, post 2.5 times more than those non-engaged guests. The research points out that, on average, a hotel will gain over $2,000 in revenue per each engaged guest. Also, loyalty among the engaged guests was 12-19 times higher than with the non-engaged guests. Full Story Here:


US Hotel Occupancy Up 0.9 Percent To 72.8 Percent - Week Ending October 21st - 2017

According to data published by STR, the U.S. hotel industry posted positive results in comparison to the same week last year. During the week of 15-21 October 2017 the industry saw occupancy rise by +0.9 percent to reach 72.8 percent for the week. Average daily rate was +1.7 percent higher, ending up at $131.58 by the end of the week. Revenue per available room rose by +2.6 percent to finish the week at $95.82. Full Story Here:





Wednesday, October 25, 2017

Artificial Intelligence And Machine Learning For Hotels - Part 3


Revenue management is another facet where machine learning will really shine for hoteliers going forward. Hoteliers have practiced revenue management to assist in providing the right room at the right rate to their customers for decades. Access to Big Data, processed through machine learning enabled systems, is however revolutionizing hotel revenue management. By utilizing this technology hoteliers are now afforded much greater opportunity to fully leverage their inventory and maximize revenues.

A machine learning enabled revenue management tool will provide the required information to empower hotel managers to make informed decisions regarding their room rate structure, at any given time. In contrast, traditional hotel revenue management software lack the real-time data necessary in order to keep rates optimized at all times. These legacy systems simply cannot keep up with the ever-shifting market condition realities of the 21st century.

The number of variables, which need to be taken into account within the revenue management equation, have grown exponentially. The influence of social media and online reviews, local weather and flight information, and individual customer segmentation are but only a few examples among the array of complex data sets which must be effectively compiled. Additionally, analysis of the competition in the surrounding area of a hotel has become increasingly crucial, including vacation rentals as well. This vast amount of data must then be analyzed against complex algorithms in order to extract the maximum rate possible for a given customer, on any given day, with both speed and scalability.

Machine learning capability within a revenue management software suite makes it possible for hoteliers to stay one step ahead of the perpetual state of flux facing the hospitality industry.

Inline Revenue Management®

The Above Property Inline Revenue Management® module allows real-time pricing and availability adjustments based on occupancy, seasonal trends, forecast, weather, booking pace and competitive data. Each transaction is processed in real-time through the Above Property proprietary pricing engine. Maximizing your revenue through careful management of forecasting, availability controls, groups, and distribution is crucial in today’s hospitality marketplace. The Above Property Inline Revenue Management® system gives you all the tools necessary to put your revenue management techniques and strategies to work. Operating in a fully distributed cloud environment, the Above Property Inline Revenue Management module can integrate with existing systems as well as take advantage of the full suite of complementary modules within the Above Property Travel Platform.

Key Features Of Above Property’s Inline Revenue Management®

  • Real-time revenue optimizations

  • Deliver personalized responses by channel

  • Leverage Above Property’s proprietary pricing engine

  • Real-time analytics, metrics, and feedback

  • Works with existing systems

The Above Property Travel Solution set features the fastest, most reliable, and easiest to use DRS on the planet. And is also both modular and compatible with all existing Property Management Systems and Central Reservation Systems.


Monday, October 23, 2017

Artificial Intelligence And Machine Learning For Hotels - Part 2


Machine Learning

As a branch of artificial intelligence which holds the most promise for hotel applications, machine learning will empower hoteliers to truly harness the power of Big Data. A number of prominent companies, outside the hospitality industry, have built tremendous success around leveraging Big Data through machine learning in order to give customers the most relevant suggestions. Examples include Amazon and Netflix, among others. For the hotel industry, an incredible amount of data is amassed from the sheer number of hotel guests, and machine learning can effectively analyze and leverage it to its full advantage for hoteliers. Something which hotels have largely struggled with in the past.

Unfortunately, much information of extremely high value to hotels is often left critically under-utilized. Big Data processed through machine learning capabilities will in time transform much more than the marketing and hotel operations efforts of the hospitality industry. Customer service through guest personalization is an area in which hoteliers will benefit from Big Data analytics via machine learning as well.

Much of the data can be collected and instantly analyzed in real time as well. This is where a local hotel property can really excel and set themselves apart. This data may include guest room preferences and upgrade requests, dining selections, and any special services ordered such as spa treatments the guest may have requested while on-property. The data may be gathered through any direct contact between the hotel and the guest, by means of face to face conversation, phone conversations, or the hotel website. By joining as many data sources as possible through system interfaces, a more complete picture can be created of each and every hotel guest. This empowers hoteliers to provide guests the most relevant choices, which will instantly strike a chord and compel them to action.

Customer information garnered on the hotel’s website will include valuable demographics and location data as well. The one-on-one interaction, outside the digital realm, between hotel staff and guests is the most powerful. This information can have an impact in driving up direct bookings, since OTAs never have such immediate contact with their customers. Mobile hotel apps is another tool hotels have at their disposal to gather guest preference data. These hotel apps offer guests many more ways to engage with hotels and can provide them instant gratification when on hotel property, while furnishing indispensable data for hoteliers.


In the last part of this series we will see the enormous impact machine learning capabilities can have upon inventory control and revenue management.

Friday, October 20, 2017

Hospitality News For The Week Of 10/20/17


Study: Tourism Generates More Than a Third of Jobs, Half of GDP in North American Destinations

The World Travel & Tourism Council (WTTC) recently published a study which analyzed the economic impact of travel and tourism on the top North American destinations. The study entitled “North American City Travel & Tourism Impact” looked into the impact of travel across eleven destinations in the United States, Canada, and Mexico. In the city of Cancun, tourism-related employment accounts for 39 percent of the total jobs, the highest in the survey. The Mexican city also leads in tourism-related GDP at 49 percent. FullStory Here:


Marriott Survey Predicts More Spending on Meetings in 2018

Spending on group meetings is expected to rise in 2018, according to a survey conducted by Marriott of their 100 largest convention and resort hotels in the Western Hemisphere. 54 percent of the survey respondents are projecting group spending to increase during the coming year. 26 percent of those surveyed have hotel renovations currently underway to their convention and room facilities. Also, 27 percent of the respondents report that they are make investments in better technology to enhance group events at their properties. Full Story Here:


Conde Nast Traveler Reveals the 2017 Readers’ Choice Awards for Best Hotels

Conde Nast Traveler announced the 30th annual Readers’ Choice Awards recently. The survey of over 300,000 readers involved ratings of 7,320 hotels and resorts across 610 cities, 225 islands, 468 cruise ships, 158 airlines, and 195 airports. Award winners include top hotel in the U.S. - Faena Hotel in Miami Beach, top small city in the U.S. - Charleston, SC and top big city - Chicago, Illinois. Full Story Here:


STR: US hotel results for week ending 14 October

Positive year-to-year performance figures were posted by the U.S. hotel industry for the week of 8-14 October 2017, according to STR. Industry-wide occupancy increased by +2.4 percent to reach 72.3 percent for the week. Average daily rate climbed up by +5.3 percent to $130.83 by the end of the week. Revenue per available room jumped up +7.8 percent to attain $94.58 by week’s end. Full Story Here: